The company in January already had cut its 2016 capital budget by $900 million, to a total of $3.3 billion, though at the time it had predicted more cuts were likely in the months ahead.

Mr. Kean on Wednesday said Kinder Morgan reduced its projects backlog to $14.1 billion at the end of the first quarter, from $18.2 billion at the end of the fourth quarter. The backlog reduction was mostly driven by the removal of the Northeast Energy Direct Market project amid insufficient contractual commitments from New England customers and the removal of the Palmetto Pipeline project after unfavorable decisions by Georgia lawmakers that affected the project, Mr. Kean said.

While Kinder Morgan was among a number of pipeline companies that previously had noted they were somewhat shielded from low commodities prices thanks to business models based on fixed fees, the pipeline giant hasn't been totally immune.

Kinder slashed its dividend by 75% in December so it can use its cash flow for growth efforts.

Over all, Kinder Morgan reported a profit of $315 million, or 12 cents a share, down from $429 million, or 20 cents a share, a year earlier. Revenue declined 11% to $3.2 billion.

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